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PB Note: Great guest post from freelance medical writer and author Laurie Lewis. I must confess, I have been less than rigorous in always keeping track of my time. But, it doesn’t take a genius to figure out that getting a handle on exactly how your time gets split up between different project-related tasks could give you some extremely valuable insights. And she shares where those insights can lead (i.e., to higher fees, in some cases). Thanks Laurie! Enjoy.

When I began freelancing a lifetime ago, I used the most basic time-tracking method, simply noting when I began work for the day and when I ended. The best I could say about this practice was that it resulted in a logbook I could show the IRS, if I ever was (gasp!) audited. But to manage my fledgling business better, I wanted a different kind of record: a log that showed how I filled my day. So I started to log by task. More than two decades and many gray hairs later, I continue to keep task-based logs because they are so useful.

Suppose I’m beginning a new assignment. After discussing it with the client, I surf the web for a while and find a couple of good background resources. I spend an hour reading them and make a few notes. Break time! After a trip to the gym and a healthy lunch (not really, but I did say suppose), I get back to work.

More Googling, a few false leads. As I read the good material I’ve found, I realize I might want to take the assignment in a slightly different direction. I call the client to run the idea by him, but he’s not in so I leave a message and follow it up with an email. While waiting to hear back, I start to organize the paper. I see several gaps in my research, and I spend more time surfing and reading until I quit for the day.

My logbook shows that I worked from 10 a.m. to 6 p.m. with a two-hour break. But my project log shows that I spent 2½ hours surfing, 2 hours doing background reading, 1 hour organizing my thoughts, and a half-hour communicating with the client. Four distinct tasks in a single day!

When you keep records like this every day for every project, you have a wealth of information about “what you do when you do what you do”—information you can use to manage your business better and earn more money. Here are a few personal anecdotes.

The client is always right, except when he isn’t
A client asked me to do a two-day job. I thought he was off base on the time it would take, as well as an appropriate fee. I checked old task logs for similar projects and confirmed that he hadn’t sized up the job accurately. I presented my case, listing all the tasks I’d have to do besides writing (research, develop tables, get quotes from experts, prepare a reference list—you know them as well as I do). Impressed, the client gave me a week to do the job and doubled the fee.

Why the 45-minute interview takes 3 hours
I might spend the whole day on interviews and talk to just two people. I often clock more time trying to reach interview subjects than I spend actually talking to them, and my log sheet notes the time-sapping activity with the entry “attempt to schedule interviews.” Post-interview tasks include going over notes, reviewing tapes, maybe transcribing. Logging these tasks separately gives me a good idea of where interview time goes.

Pace yourself
From my task logs, I know to allow slightly more than an hour to transcribe a half-hour interview. I have to plan on as much time to edit my own work as to prepare the initial draft, more if I haven’t done all the research before I begin writing. Knowing my working pace has helped me juggle multiple clients. If I have a looming deadline and I’ve only finished the first draft when another client calls, I’ll ask for a distant due-date for the new work or reluctantly turn it down if a close deadline is set in stone.

The secret to successful project rates
I saved the best for last. When I calculate a project rate, I rely on logs from completed jobs. They remind me of the tasks I may have to do and the time each task might take. With many years of logs, I have enough information to anticipate three scenarios: the cream-puff job, the typical one (as if there were such a thing!), and the job from hell.

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Veteran commercial freelancer Peter Bowerman is the author of the award-winning Well-Fed Writer titles, how-to standards in the field of lucrative commercial freelancing-writing for businesses and for hourly rates of $50-$125+ an hour.Learn more at:The Well-Fed Writer